Latex Foam International Holdings, Inc. has reached a consensual agreement with the committee representing its unsecured creditors, which includes several multinational corporations. Filing a joint reorganization plan in its bankruptcy case, the Talalay Latex manufacturer has ceased the process of selling the company and will now be focusing its efforts on executing its growth plan.
“This plan is the culmination of several months of reorganization and restructuring of our business, including the rebuilding of our primary production facility that had been severely damaged by fire. We are grateful to our loyal customers, vendors and employees whose support has been overwhelming during this process,” said Latex International's President and CEO David Fisher. “We said at the time of our filing that this was a strategic decision to restructure a healthy business that was burdened by financial debt obligations from agreements put in place years ago. Relieving ourselves of those burdens puts our company in a position where it can finance itself from operations. The restructuring and post-fire rebuild of our state-of-the-art equipment has allowed us to reduce lead times, enhance customer service, and improve our first quality to 99%. This, coupled with over 99% on-time delivery, truly does enhance our customers' experience.”
The company filed for Chapter 11 protection in U.S. Bankruptcy Court for the District of Connecticut on May 30th and suffered a fire in its principal dryer on June 26th of this year.
For more information, visit www.latexinternational.com.
About Latex International: Founded in 1975, Latex International is the world’s largest manufacturer of latex mattresses and pillows, sold under many leading brand names through strategic business partners, including Pure LatexBLISS. Talalay Latex sleep products offer unsurpassed durability and levels of weightless comfort. The company's 175 employees produce mattress cores, toppers and pillow buns utilizing both the Talalay and Dunlop manufacturing processes. Latex International is located in Shelton, CT and manages several distribution and fabrication centers in support of its operations.